Health Winners & Losers: Medtronic
05/20/08 - 03:42 PM EDT
Elizabeth Trotta
Health-related stocks generally followed the broader markets down Tuesday.
Amgen (AMGN Quote - Cramer on AMGN - Stock Picks) said Monday after market close that in a late-stage, one year head-to-head trial, its Denosumab resulted in more bone mineral density mass gain than Merck's (MRK Quote - Cramer on MRK - Stock Picks) Fosamax in 500 post-menopausal women. Wall Street analysts, who have worried about the rate of infection with Denosumab, saw it as a positive that the company said occurrences were well-balanced between the arms of the study. However, the company didn't disclose if any infections were considered serious or led to hospitalization. Wall Street expects data from the three-year, phase III "Freedom" study in the second half of the year -- comparing Fosamax and Denosumab in terms of fractures. Amgen will also report data later this month from a different one-year, head-to-head study involving 1,000 patients, although it already disclosed the study met its primary goal. Amgen shares were up 15 cents, or 0.4%, at $42.49 Tuesday. In other news, Merck said Tuesday that it reached civil settlements with attorneys general from 29 states and the District of Columbia to resolve previously disclosed investigations under state consumer protection laws related to marketing activities for Vioxx. The company took the drug off the market in 2004 after it was linked to heart attacks. As part of the agreement, the company reportedly agreed not to ghostwrite positive articles about its products, not to use scientific data deceptively in marketing materials, and to submit all TV ad campaigns to the Food and Drug Administration for review, prior to release, and to delay them if requested by the regulatory agency.
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